Nearly 600,000 Jobs Lost in January

Nonfarm payrolls fell 598,000 in January according to a new report from the U.S. Department of Labor. December was also revised to a loss of 577,000.

Nonfarm payrolls fell by a seasonally adjusted 598,000 in January after a revised loss of 577,000 in December, the government said. It's the largest payroll loss since December 1974, according to a survey of workplaces. Payrolls fell by 597,000 in November.

"Job losses were large and widespread across the major industry sectors," said Keith Hall, head of the Bureau of Labor Statistics. Manufacturing saw its largest decline in 26 years.

Unemployment climbed to 7.6%. It was the deepest cut in payrolls in 34 years. It was also higher than the 525,000 losses economists were expecting. Nearly 3.6 million jobs have now been lost since the recession began.